Any bounce is likely to be short, the bottom of recent channel is around $200, if that does not hold, sub $100 is possible. All markets are becoming very jittery while severely overbought, just waiting for an excuse to sell off.
monoamin
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@igord2 A valid point. To be honest, I'm just curious if this drop is going to be like all of the other big corrections in crypto history, or if there's finally enough awareness and mass adoption that bear markets aren't a total disaster anymore.
igord2
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@monoamin, My EW count (EW counts are notoriously open up for debate and disagreement..) suggest end of the year might be the end of wave 5 with really really big ABC to follow. We are probably ending wave 3 now so drop in wave 4 should not overlap wave 1 ($75 in my count).
igord2
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@igord2, LMAO, not in my wildest dreams would I think the correction target that was supposed to happen in few months would happen in a day! Anyway, a backed up the truck and loaded up. We are still looking at a months long recovery from here, but unlikely we are going down to $120 again, this was a lifetime buying opportunity.
juggy247
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@igord2 what are your entry points for LTC? I trade Bitcoin for LTC today, when you expect to bounce to happen?
igord2
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@juggy247, 150 was my entry, 200 seems to have become resistance, if it breaks above 200 it can bounce to 250 even 300 while still being in downtrend, I plan to exit around there. The low target is 90-100. We are looking at 1-2 months of going nowhere before resuming explosive up trend.